Pawtucket to be reimbursed 80 percent of school building costs

February 26, 2014

PAWTUCKET â€” In promoting the ambitious renovations and construction of school buildings as outlined in a Facilities Master Plan, school officials have been counting on receiving about 80 percent reimbursement on the project costs. But can they take that figure to the bank?

The answer appears to be yes, but not without a few variables.

According to Larry Berman, House communications director for the R.I. General Assembly, the amount of reimbursement on the construction costs is calculated by a formula that takes into account property values, the student population, and the number of students living under the 35 percent poverty rate. This formula is expected to provide Pawtucket with a reimbursement rate of approximately 80 percent. The reimbursement includes the principal on a bond, plus the interest, he said.